Nonferrous Metals Mostly Declined, Overnight Lead Futures Weakened [SMM Lead Morning News]

SMM October 22:

Overnight, LME lead opened at $1,991/mt, fluctuating rangebound during the Asian session. Entering the European session, it briefly rose to a high of $1,996/mt before weakening. Amid a broad decline in nonferrous metals, LME lead fell to a low of $1,982/mt towards the close, finally settling at $1,993/mt, down 0.05%.

Overnight, the most-traded SHFE lead 2511 contract opened at 17,125 yuan/mt, touched a low of 17,110 yuan/mt early in the session, rebounded to a high of 17,175 yuan/mt, then weakened again due to long liquidation, finally settling at 17,150 yuan/mt, down 0.09%.

Domestic lead ingot supply remains in a tight balance, with secondary lead smelters gradually resuming production, while primary lead smelters have both maintenance and production resumptions. Downstream battery producers maintain just-in-time procurement, with some enterprises showing good spot order purchasing enthusiasm due to low raw material inventory. Overall, lead prices may hold up well in the short term.

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